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Lost 10 Lakhs in Prestige Group Real Estate - Shridhar from Karnataka Needs Help

Milind

Milind Vadjikar  |577 Answers  |Ask -

Insurance, Stocks, MF, PF Expert - Answered on Oct 05, 2024

Milind Vadjikar is an independent MF distributor registered with Association of Mutual Funds in India (AMFI) and a retirement financial planning advisor registered with Pension Fund Regulatory and Development Authority (PFRDA).
He has a mechanical engineering degree from Government Engineering College, Sambhajinagar, and an MBA in international business from the Symbiosis Institute of Business Management, Pune.
With over 16 years of experience in stock investments, and over six year experience in investment guidance and support, he believes that balanced asset allocation and goal-focused disciplined investing is the key to achieving investor goals.... more
Asked by Anonymous - Oct 05, 2024Hindi
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hi i am shridhar from karnataka. I ran into a problem. I invested 10 lakhs in a platform called Prestige Group Real Estate, but I could not get it back and lost everything. Sometimes I get depressed. He may die in a few days. Prestige Group Real Estate True or False. I have to pay another 10 lakhs to get back the 10 lakhs I deposited. Tell me what should I do

Ans: Hello;

Let me know whether you have invested in the properties offered by them or in their FD scheme.

Please consult a psychiatrist to fight depression.

We have rule of law. Nobody can take away your hard-earned money just like that.

You can seek recourse with Police for cheating, Karnataka RERA authority if it is pertaining to buying flat, RBI if it pertains to FD scheme.

If it was not a Ponzi scheme or some gambling, then you have to get your money back.

Don't lose heart. Be prepared to fight.

Prestige is a well-known developer firm listed on the stock exchange.

They will not risk their reputation for 10 L.
Asked on - Oct 05, 2024 | Answered on Oct 05, 2024
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Sir I have some photos related to it. This is a commission based work. It should be explored. By exploring we get money through commission. Sometimes luxury comes with exploring. Then we can pay more money and get more commission. Same happened to me. All my work is done. I have applied for withdrawal. But 1 But not more than 15 lakhs should be withdrawn at a time. Withdraw more than that but we have to pay a fee for it. I am trapped because of this. I have already put 10 lakhs. No more security pee 10 lakhs can be withdrawn. But I have no money. I am asking you to know if this is true or not. Let me share with you how I have a photo of it.
Ans: I strongly suggest you should involve Police and/or seek a lawyer's help to legally get your money back.
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
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I am having these following investments. I invested Rs 15 lakh in one go six months back. I need this money back after 3-4 months. Could you kindly advise what should I do now as it is going at a total loss of Rs 1.05 lakh as on date? Shall be highly obliged for your kind guidance. Folio Number Scheme Name Units Amount Invested Market Value Average Purchase NAV Current NAV Dividend Unrealized G/L IRR 11773387 PARAG PARIKH FLEXI CAP FUND - REGULAR GROWTH( equity flexi cap) 5766.159 299985.00 277368.00 52.03 48.10 0.00 -22617.00 -18.87 per cent 19934334374 CANARA ROBECO BLUECHIP EQUITY FUND - GROWTH( Equity Large Cap) 6948.923 299985.00 278721.00 43.17 40.11 0.00 -21264.00 -17.38 per cent 79949636772 MIRAE ASSET LARGE CAP FUND - REGULAR - GROWTH PLAN( Equity Large Cap) 3670.574 299985.00 282260.00 81.73 76.90 0.00 -17725.00 -14.83 per cent 910135 213304 AXIS MID CAP FUND - GROWTH PLAN( Equity Mid Cap) 4134.303 299985.00 274476.00 72.56 66.39 0.00 -25509.00 -19.83 per cent 19997034/03 ICICI PRUDENTIAL MULTICAP FUND - REGULAR PLAN - GROWTH(Equity Multi Cap fund) 640.364 299985.00 281203.00 468.46 439.13 0.00 -18782.00 -15.67 per cent
Ans: Never invest in equity schemes if the horizon is short. If not necessary, kindly do not redeem. All the funds are good, however, the markets are in correction mode.

Please follow these house rules for investing in MFs if your investment horizon is between:

  • 1 and 3 years: Take short term debt funds
  • 3 and 5 years: Hybrid Funds
  • 5 years and above: Equity funds

..Read more

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Asked by Anonymous - Nov 05, 2024
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Sir I am 47 years old and want to retire in next 2-3 years. My portfolio is as under FD-22 L MF-22 L. ( SIP of 33000 running) Gold--10 L EPF--24 L and App Gratuity -10 L Equity--10 L Rental Income -25000 per month from 80 Lacs flat. ( No loan pending now) 1 cr term plan and 10 l mediclaim running Parental House -2.5 cr and Land -2.5 cr. My son is studying in second year of engineering. And my monthly hone expense is not more than 30000-35000 per month. Can I afford to retire ?
Ans: It’s commendable that you've accumulated a diverse portfolio with a clear retirement goal. Let's evaluate if your current portfolio aligns with a secure retirement.

Portfolio Review and Income Assessment
Based on your retirement aspirations, let’s consider each component of your portfolio and its potential to generate sustainable income:

Fixed Deposits (FD): Rs 22 lakh
FD interest can serve as a steady income source, though it typically yields lower returns, which may not keep up with inflation over the long term.

Mutual Funds (MF): Rs 22 lakh, with a SIP of Rs 33,000
MFs offer potential growth and help combat inflation. Continuing your SIPs could grow this corpus further, providing higher returns than fixed-income sources.

Gold: Rs 10 lakh
Gold adds stability and can be liquidated if needed. However, it might not be the best primary income source.

Employee Provident Fund (EPF): Rs 24 lakh and Gratuity Approx Rs 10 lakh
EPF and gratuity offer safe post-retirement funds. When you withdraw, they can be used as a source of regular income or reinvested for returns.

Equity Investments: Rs 10 lakh
Your equity investments add growth potential. Over time, this can be a crucial source to combat inflation.

Rental Income: Rs 25,000 per month
Rental income provides a consistent cash flow, covering a large portion of your monthly expenses. This income will be valuable post-retirement to meet regular needs.

Expense and Income Projection
With monthly expenses at Rs 30,000–35,000, and rental income already covering most of these costs, your current lifestyle is well supported. However, to retire comfortably, a buffer for healthcare, travel, and inflation is necessary.

Strategy for Retirement Readiness
Based on your assets and expected needs, here’s a recommended approach to secure a steady retirement income:

Mutual Fund Strategy
Continuing your SIPs for the next 2-3 years will help grow your corpus further. Consider moving part of the equity-based mutual funds into debt funds close to retirement to reduce risk while generating returns.

Systematic Withdrawal Plan (SWP)
At retirement, you can initiate an SWP from your mutual fund corpus, providing a steady income. This strategy allows capital appreciation with controlled withdrawals, reducing the risk of prematurely depleting your funds.

Fixed Deposit Laddering
To maximise interest rates and ensure liquidity, consider a laddering strategy with your FDs. This will help meet emergency needs and take advantage of better rates.

Rental Income
Your rental income of Rs 25,000 is a reliable source. To protect it, ensure the property remains well-maintained and consider lease renewals with trusted tenants to maintain stability.

Contingency for Healthcare and Son’s Education
Health Insurance: Rs 10 lakh
Assess your current health cover, especially considering rising medical costs. A top-up or super top-up plan could add an extra layer of protection.

Son’s Education
Your son’s education may require additional funding. Any shortfall could be met by partial liquidation of non-core assets, like gold or FDs, if needed.

Estate and Legacy Planning
Your parental house and land provide substantial long-term security. Though not income-generating immediately, they offer future flexibility if liquidated or rented.

Final Insights
Your assets, income sources, and low monthly expenses indicate a strong readiness for retirement. With minor adjustments for healthcare and education, you can comfortably meet your goals. Continuing your current SIPs for the next few years and optimising your FD and MF corpus will help sustain your income post-retirement.

Best Regards,

K. Ramalingam, MBA, CFP,
Chief Financial Planner
www.holisticinvestment.in
https://www.youtube.com/@HolisticInvestment

...Read more

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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